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The Affordable Care Act was signed into law by president Obama in 2010, and new study shows it hasn’t met expectations of easing the process of obtaining medical coverage for the average, working class American citizens.
A study that evaluates health benefits provided by employers has recently shown that while in the course of these five years Obamacare hasn’t increased insurance costs, as some foresaw, the law hasn’t brought much benefits either. As the report conducted by the nonprofit Commonwealth Fund says, working people are still struggling with the insurance costs, the lessening of benefits and the low wages.
American employees with ages under 65 have, in 2013, contributed to the insurance premium 9.6% of the average income. Comparing the 8.4% they paid in 2010, and the 5.3% that households gave back in 2013, with the staggering 9.6% in 2013, really helps put things into perspective.
Average working Americans have, studies show, been paying more for their health insurance for less benefits. While the Affordable Care Act can provide a platform from which to build up in the future, present plans should focus more on reducing the cost of care.
The 2010 reform was seeking to serve people without employer covered insurance, while trying to preserve the already existent employer-provided health care system. Experts hoped that that the law would trim the ever growing insurance costs, which in the 2000’s had severely surged premiums and cost-sharing.
Although, the Commonwealth report showed an increase in the cost of average insurances, it also says that the growing rate from the 2000’s has in fact diminished. The overall growth of the employer-provided insurance plan increased between 2003 and 2010 with an average of 6%. According to the same report, between 2010 and 2013 the annual average growth for health care went down to 4.9%.
Also, after 2010 the share that employs paid for premiums has also slowed its growth. Citing the numbers found in the report, we see a downfall from the 7.2% growth between 2003 and 2010 to only 5.9% after 2010. David Blumenthal, the president of Commonwealth Fund believes that the lowering of growth rates was possibly influenced by the passing of Obama’s law.
However, opinions differ as other experts in the field believe that the economic slowdown was far more influential to the smaller cost increase which reduced people’s claim to health services.
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